Opening your own brand-new business takes a tremendous amount of focus and planning in order to achieve success. This is true especially for nutraceutical companies who must also navigate balancing customer needs while operating in full compliance with industry laws and regulations. In order to achieve this, a nutraceutical merchant must rely on credit card payments from customers to be able to make money and support growth.
Nutraceutical is a combination of the words “pharmaceutical” and “nutrition,” and a category of the umbrella term “supplement.” Supplements are isolated, condensed vitamins, minerals and other food derivatives that help fill gaps in an individual’s diet (e.g. vitamin C, magnesium, potassium, etc.), while nutraceuticals aim to go beyond basic nutrition supplementation by enhancing some aspect(s) of an individual’s health. Some examples are garlic capsules, spirulina powder, probiotics and echinacea.
We live in an age where good nutrition practices are widely available. The variety of dietary supplements can be overwhelming, with dozens of minerals, vitamins and extracts. Nowadays people are more and more dependant towards these products and you get recurring business to one or the other supplement.
Your company may be dealing into either one or more or all of the following products like Acai Berry, African Mango, Green Coffee beans etc. People have started to look out for more natural solutions to all health problems from skincare and haircare to fighting depression; the market of nutraceutical products is expanding. Example for nutraceuticals, a large population of American population take them for anti-ageing effects, maintaining blood sugar, strengthening immunity, dietary supplements, workout supplements, skincare, stress management, and weight loss among others.
With a range of products and uses, this market promises a great stream of revenue. There are many customers you can gain with the right merchant services.
Companies in the nutraceutical industry develop and manufacture vitamins, herbal remedies, dietary supplements and other natural health products that promise better health and wellness and people blindly believe in them. Both large and small companies can thrive in the sector. Small companies shall effectively compete by specializing in niche nutritional products while large companies usually benefit by focusing on research, manufacturing and marketing of products. Below is a list of few products:
The business model for nutraceutical companies makes it really difficult to find approval for credit card processing from financial institutions. High-risk businesses require many customers to use recurring billing and have a greater chargeback rate, nutraceutical companies must look to credit card processors.
Merchants processing high volumes of herbal supplements and vitamins transactions lower the risk and increase business growth by establishing multiple herbal supplements and vitamins merchant accounts. It makes good business sense for merchants in a “high risk” category to protect their business by diversifying merchant accounts.
If you are a new or start-up company, it is integral for you to set up a merchant account. It is because such a measure is bound to boost your sales. Accepting credit cards and, thereby, providing a secure mode of payment to your customers is known to increase customer satisfaction.
Are you looking for a merchant account for your brand newly established company? Octapay offers both high and low-risk merchant accounts to a variety of businesses, both domestic and international. We provide you with the virtual terminal you require, and we are well known for conducting hundreds of debit card transactions daily.
We have an extensive network of retailers and online nutraceuticals and herbal businesses, all successfully incorporated using our high-risk merchant account options. Contact us today and start your supplement business today.